Digital Data Container (DDC)

One of the activities specified in the Financial Data Standardisation Project (FDS) project is to identify and analyse relevant technologies which could help achieve its objectives.One of these technologies is the use of a Digital Data Container (DDC) using Distributed Leger Technology (DLT) for contractual information. “A study will be conducted which aims to assess the feasibility of creating a digital data container (DDC) based on Distributed Ledger Technology and Smart Contracts” FISMA: Financial Data Standardisations (EC, 16)

“The DDC would use, inter alia, algorithmic representations of contracts; used solely for the purpose of demonstrating how reporting could be made significantly less burdensome (and less costly), while producing data for supervisory purposes that is more timely and that can be easily processed and visualized for use by supervisors.” FISMA: Financial Data Standardisations (EC, 16)

“The container approach strongly reduces the number of key identifying characteristics”
“If successful, this new form of reporting holds the potential to, at first, run alongside the standard reporting channels as a second legal reporting option and may eventually replace the currently common reporting channels. It also caters as an intermediary step towards the full digitalisation of financial contracts altogether” “and demonstrate how a “once for all” reporting principle can be implemented by the financial sector.” FISMA: Financial Data Standardisations (EC, 16)